$1.14B MS/BofA CMBS Conduit Planned

Kroll Bond Rating Agency (KBRA) said on Tuesday that it assigned preliminary ratings of ‘AAA’ to the class A notes, ‘AA-‘ to the class B notes, ‘A-‘ to the class C notes, ‘BBB-‘ to the class D notes; ‘BB’ to the class E notes; and ‘B+’ to the class F notes issued under the capital structure of the transaction.

The CMBS conduit transaction is collateralized by 54 fixed rate commercial mortgage loans that are secured by 62 properties.

The loans have principal balances ranging from $2.2 million to $115.0 million for the largest loan in the pool, which is secured by the Crossings Premium Outlets located in Tannersville, Pennsylvania.

The top five loans, which also include Chrysler East Building (8.8%), Boston Park Plaza (8.3%), the Wanamaker Building (6.7%) and Hyatt Regency Hill Country Resort and Spa (5.4%), represent 39.3% of the initial pool balance, while the top 10 loans represent 59.5%, according to the Kroll presale report.

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